This study examines internal capital market inefficiencies and U.S. multinational firms' return of capital to shareholders. Using dividends and repurchases to measure the return of capital, we first document a difference in the relations between shareholder payouts and cash held either...

Purpose: This paper investigates the effect that ownership structure (public vs. private) has on the demand for high-quality auditors, specifically in the U.S. banking industry.Design/Methodology/Approach: We predict that public banks are more likely to hire a high-quality auditor than private...